Here are the various ways the US depends on China

Beijing devalued its
currency the renminbi several times, which brought up
fears over what that means for other countries who have economic
relationships with China such as the US.

In light of that, Joseph P. Quinlan, chief market strategist at
US Trust, Bank of America Private Wealth Management,
detailed the significant and insignificant economic
relationships between the two powerhouses.

Sino-US ties are relatively significant in terms
of trade and credit, according to Quinlan. US imports from
China totaled $482 billion, or 16.9% of the total in 2014.
Additionally, China's holdings of US treasuries have increased
over the last fifteen years, totaling around $1.2 trillion at the
end of 2014.

On the flip side, China accounts for less than 2% of total
US foreign direct investment stock — at around $66 billion in
2014. By comparison, the US' investment position is $77 billion
in France, $115 billion in Germany, and $311 billion in
Ireland.

"China’s hit a rough path, no doubt. We expect
more volatility from one of the world’s top growth engines. Get
used to it, but don’t panic. The market hysteria over
China’s foreign exchange regime is 1) out of proportion
to the nation’s future growth outlook; 2) counter to the
beneficial adjustments of China’s FX regime; and 3)
misguided given America’s relatively thin investment
linkages with China," Quinlan wrote.